{"id":932,"date":"2025-11-05T10:30:30","date_gmt":"2025-11-05T11:30:30","guid":{"rendered":"http:\/\/fictionuncovered.com\/?p=932"},"modified":"2025-11-06T15:37:06","modified_gmt":"2025-11-06T15:37:06","slug":"bermuda-monetary-authority-confirms-plans-for-parametric-spi-consultation","status":"publish","type":"post","link":"http:\/\/fictionuncovered.com\/index.php\/2025\/11\/05\/bermuda-monetary-authority-confirms-plans-for-parametric-spi-consultation\/","title":{"rendered":"Bermuda Monetary Authority confirms plans for parametric SPI consultation"},"content":{"rendered":"

This content is copyright to www.artemis.bm<\/a> and should not appear anywhere else, or an infringement has occurred.<\/p>\n

The Bermuda Monetary Authority (BMA) has confirmed that it plans to release a consultation paper in the fourth quarter of 2025 regarding the establishment of a new special purpose insurer (SPI) that will primarily focus on the use of parametric triggers.
\n<\/span>
\n\"bermuda-monetary-authority-bma-logo\"We reported earlier this month that the BMA was in the final stages of implementing a new SPI, when Taijaun Talbot, Assistant Director, Supervision (Insurance) BMA, made the announcement at this year\u2019s ILS Bermuda Convergence conference.<\/a><\/p>\n

In a press release, the BMA said: \u201cLeveraging its recognised Special Purpose Insurer (SPI) framework, the Bermuda Monetary Authority is intensifying efforts to close the protection gap associated with climate change and underserved emerging risks by pledging to issue a Consultation Paper in the fourth quarter 2025 on a new SPI framework\u00a0tailored for parametric products.\u201d<\/p>\n

As the scale and frequency of natural catastrophe events shift globally due to a range of climate factors, the insurance industry continues to experience a widening gap between insured losses and actual damage from nat cat events.<\/p>\n

The BMA also noted that this is further compounded by emerging risks beyond nat cat, such as cyber threats.<\/p>\n

\u201cRecognising these challenges, the Authority believes developing a fit-for-purpose framework for parametric\u00a0insurance covers will be instrumental in growing a robust parametric insurance market,\u201d the BMA said.<\/p>\n

Adding: \u201cA meaningful parametric\u00a0market offers policyholders the potential to bridge gaps left by traditional indemnity insurance, while benefiting\u00a0 from expedited claims and payout processes that can strengthen their resilience after loss events.\u201d<\/p>\n

As the risk landscape continues to change, the BMA said that it remains committed to ensuring market solutions keep pace with policyholders\u2019 needs.<\/p>\n

\u201cThe Authority reaffirms its role in providing a credible and proven regulatory\u00a0environment that supports continued innovation and resilience in Bermuda\u2019s insurance sector,\u201d the BMA concluded.<\/p>\n

Bermuda Monetary Authority confirms plans for parametric SPI consultation<\/a> was published by: www.Artemis.bm<\/a>
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This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred. The Bermuda Monetary Authority (BMA) has confirmed that it plans to release a consultation paper in the fourth quarter of 2025 regarding the establishment of a new special purpose insurer (SPI) that will primarily focus on the use […]<\/p>\n","protected":false},"author":1,"featured_media":864,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[],"_links":{"self":[{"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/posts\/932"}],"collection":[{"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/comments?post=932"}],"version-history":[{"count":2,"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/posts\/932\/revisions"}],"predecessor-version":[{"id":934,"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/posts\/932\/revisions\/934"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/media\/864"}],"wp:attachment":[{"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/media?parent=932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/categories?post=932"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/fictionuncovered.com\/index.php\/wp-json\/wp\/v2\/tags?post=932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}